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olivLaw · US equity research

AMCON Distributing Company DIT

Wholesale-Groceries, General Line · SIC 5141 · Vertical: Wholesale — nondurable goods (SIC 514x)

60.90USD+1.55% · 1 dayClose 04 Nov 2026

AMCON Distributing is a wholesale distributor of consumer products to convenience stores in 34 states, with a smaller health food retail division. The company reported improved quarterly earnings recently, but margins stay thin and revenue depends heavily on cigarette sales.

At the close of 04 Nov 2026, AMCON Distributing Company (DIT) stock was 60.90 USD (+1.55% on the day), with market capitalisation 59.4 m USD, P/E 66.2 on diluted EPS of 0.92 USD over the last 12 months, dividend yield 1.74%, beta 0.31, 52-week range 59.97–95.59 USD. Latest reported quarter (Q3 2026): revenue of 835.3 m USD (+12.9% YoY), net income of 2.7 m USD (+103.8% YoY), diluted EPS 2.85 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
59.4 m USD
shares as of 04 Aug 2026
P/E (TTM)
66.2
Diluted EPS TTM 0.92 · TTM to 30 Sept 2025
E/P (TTM)
1.51%
TTM to 30 Sept 2025
Dividend yield
1.74%
DPS 12m 1.06
Beta (2y)
0.31
Volatility (1y) 46%
52-week range
59.9795.59

Price history

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Technical reading

RSI (14)
43.6
weak (30–45)
Bollinger (20, 2)
58.67 – 64.87
in the lower half of the band · %B 0.36 · band width 10.0%
SMA 50 / 200
64.83 / 74.71
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.16 / -1.28
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.1%−1.1%−9.0 pp—
3 months−11.6%−0.5%−11.1 pp—
6 months−31.8%+4.4%−36.2 pp—
Year to date−17.6%+12.3%−29.9 pp—
1 year−22.6%+13.5%−36.1 pp+12.9%
3 years−53.2%+76.4%−129.6 pp+37.5%
5 years−28.7%+63.7%−92.3 pp—
Max drawdown (1y)
−37.3%
17 Apr 2026 → 03 Nov 2026
Max drawdown (5y)
−63.1%
20 Jul 2022 → 03 Nov 2026
Compound annual growth (5y)
−6.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Jun 2026

Revenue
835.3 m USD
+12.9% YoY
Net income
2.7 m USD
+103.8% YoY
Diluted EPS
2.85
+100.7% YoY
net / operating
0.3% / 0.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue746.3 m711.3 m619.5 m739.6 m746.3 m730.1 m715.7 m835.3 m
Cost of revenue697.5 m664.4 m576.5 m690.0 m697.6 m682.0 m672.2 m785.5 m
Gross profit48.8 m46.9 m43.0 m49.6 m48.7 m48.0 m43.5 m49.8 m
SG&A41.0 m40.6 m40.1 m42.5 m42.6 m41.6 m41.4 m43.0 m
Operating income5.2 m3.7 m461.9 k4.9 m3.6 m3.9 m-384.7 k6.2 m
Depreciation & amortisation2.6 m2.6 m2.5 m2.2 m2.5 m2.5 m2.5 m2.3 m
Interest expense3.0 m2.8 m2.3 m2.7 m2.7 m2.7 m2.2 m2.6 m
Pre-tax income2.0 m740.4 k-2.0 m2.1 m735.7 k1.0 m-2.6 m3.7 m
Income tax794.1 k392.0 k-431.0 k790.0 k244.0 k245.0 k-427.0 k1.0 m
Net income1.2 m348.4 k-1.6 m1.3 m491.7 k793.0 k-2.2 m2.7 m
Diluted EPS2.03 ≈0.57-1.721.42—1.28-2.342.85
Operating cash flow41.0 m-39.9 m34.4 m ≈-7.0 m ≈31.1 m-11.7 m13.7 m ≈-17.9 m ≈
Capex3.6 m3.5 m3.0 m ≈1.8 m ≈764.4 k678.4 k8.7 m ≈2.4 m ≈
Dividends paid113.5 k116.2 k296.9 k ≈116.2 k ≈116.2 k117.1 k303.3 k ≈117.1 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 35-quarter history (min 3.4, median 8.9, max 31.9; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.3 bn1.4 bn1.5 bn1.7 bn2.0 bn2.5 bn2.7 bn2.8 bn
Revenue YoY+3.7%+5.3%+9.3%+9.9%+20.2%+26.3%+6.7%+3.9%
Net income3.6 m3.2 m5.5 m15.5 m16.7 m11.6 m4.3 m568.7 k
Net income YoY+22.5%−11.4%+73.0%+180.5%+7.2%−30.4%−62.6%−86.9%
Diluted EPS5.385.259.7627.3628.5919.467.150.92
Diluted EPS YoY+26.3%−2.4%+85.9%+180.3%+4.5%−31.9%−63.3%−87.1%
net %0.3%0.2%0.4%0.9%0.8%0.5%0.2%0.0%
Free cash flow2.7 m-15.9 m11.8 m19.4 m8.2 m8.2 m47.4 m9.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
744.6 k USD
Financial debt
16.5 m USD
Net debt
15.8 m USD
Equity
113.1 m USD
Total assets
391.1 m USD
Debt / equity
0.15x
Current ratio
2.14x
ROE
0.5%
ROA
0.1%
FCF margin
0.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.5 bn
2024
2.7 bn
2025
2.8 bn

SEC (XBRL)· 07 Nov 2025verified

Cost of revenue
2023
2.4 bn
2024
2.5 bn
2025
2.6 bn

SEC (XBRL)· 07 Nov 2025verified

Gross profit
2023
170.8 m
2024
182.4 m
2025
188.2 m

SEC (XBRL)· 07 Nov 2025verified

SG&A
2023
137.3 m
2024
154.9 m
2025
165.8 m

SEC (XBRL)· 07 Nov 2025verified

Operating income
2023
26.0 m
2024
18.0 m
2025
12.6 m

SEC (XBRL)· 07 Nov 2025verified

Depreciation & amortisation
2023
7.6 m
2024
9.5 m
2025
9.8 m

SEC (XBRL)· 07 Nov 2025verified

EBITDA
2023
33.5 m ≈
2024
27.5 m ≈
2025
22.4 m ≈

SEC (XBRL)· 07 Nov 2025derived

Interest expense
2023
8.6 m
2024
10.4 m
2025
10.4 m

SEC (XBRL)· 07 Nov 2025verified

Pre-tax income
2023
17.3 m
2024
7.5 m
2025
1.6 m

SEC (XBRL)· 07 Nov 2025verified

Income tax
2023
5.7 m
2024
3.1 m
2025
995.0 k

SEC (XBRL)· 07 Nov 2025verified

Net income
2023
11.6 m
2024
4.3 m
2025
568.7 k

SEC (XBRL)· 07 Nov 2025verified

Diluted EPS
2023
19.46
2024
7.15
2025
0.92

SEC (XBRL)· 07 Nov 2025verified

Weighted average diluted shares
2023
595.9 k
2024
606.8 k
2025
616.5 k

SEC (XBRL)· 07 Nov 2025verified

Dividend per share
2023
5.72
2024
1.00
2025
1.00

SEC (XBRL)· 07 Nov 2025verified

Balance sheet · USD

Cash
2023
790.9 k
2024
672.8 k
2025
744.6 k

SEC (XBRL)· 07 Nov 2025verified

Receivables
2023
70.9 m
2024
70.7 m
2025
73.2 m

SEC (XBRL)· 07 Nov 2025verified

Inventories
2023
158.6 m
2024
144.3 m
2025
153.3 m

SEC (XBRL)· 07 Nov 2025verified

Current assets
2023
245.7 m
2024
229.1 m
2025
239.5 m

SEC (XBRL)· 07 Nov 2025verified

Property, plant & equipment, net
2023
80.6 m
2024
106.0 m
2025
107.8 m

SEC (XBRL)· 07 Nov 2025verified

Goodwill
2023
5.8 m
2024
5.8 m
2025
5.8 m

SEC (XBRL)· 07 Nov 2025verified

Intangibles (excl. goodwill)
2023
5.3 m
2024
4.7 m
2025
4.2 m

SEC (XBRL)· 07 Nov 2025verified

Total assets
2023
363.4 m
2024
374.1 m
2025
391.1 m

SEC (XBRL)· 07 Nov 2025verified

Accounts payable
2023
43.1 m
2024
54.5 m
2025
69.5 m

SEC (XBRL)· 07 Nov 2025verified

Short-term debt
2023
2.0 m
2024
5.2 m
2025
5.5 m

SEC (XBRL)· 07 Nov 2025verified

Long-term debt
2023
11.7 m
2024
16.6 m
2025
11.0 m

SEC (XBRL)· 07 Nov 2025verified

Current liabilities
2023
76.6 m
2024
93.2 m
2025
112.1 m

SEC (XBRL)· 07 Nov 2025verified

Equity
2023
104.2 m
2024
111.7 m
2025
113.1 m

SEC (XBRL)· 07 Nov 2025verified

Cash flow · USD

Operating cash flow
2023
19.7 m
2024
67.9 m
2025
18.7 m

SEC (XBRL)· 07 Nov 2025verified

Capex
2023
11.6 m
2024
20.4 m
2025
9.0 m

SEC (XBRL)· 07 Nov 2025verified

Free cash flow
2023
8.2 m ≈
2024
47.4 m ≈
2025
9.7 m ≈

SEC (XBRL)· 07 Nov 2025derived

Investing cash flow
2023
-66.3 m
2024
-42.1 m
2025
-15.0 m

SEC (XBRL)· 07 Nov 2025verified

Financing cash flow
2023
46.9 m
2024
-25.9 m
2025
-3.6 m

SEC (XBRL)· 07 Nov 2025verified

Dividends paid
2023
3.5 m
2024
630.4 k
2025
645.5 k

SEC (XBRL)· 07 Nov 2025verified

Share repurchases
2023
404.9 k
2024
—
2025
1.1 m

SEC (XBRL)· 07 Nov 2025verified

Computed indicators

Growth

Revenue growth (YoY)
3.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
11.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-30.2%
computed by olivLawFY 2025
Net income growth (YoY)
-86.9%
computed by olivLawFY 2025
Net income CAGR 3Y
-67.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-36.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-87.1%
computed by olivLawFY 2025
EPS CAGR 3Y
-68.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-37.6%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-79.6%
computed by olivLawFY 2025

Profitability

Gross margin
6.3%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
0.8%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
0.4%
computed by olivLawTTM to 30 Jun 2026
Net margin
0.1%
computed by olivLawTTM to 30 Jun 2026
FCF margin
0.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
1.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
7.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
4.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
115.2%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
24.0%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
4.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
0.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
1.3x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
2.7x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
15.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
12.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
2.7 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
151.7%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
65.6%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
9 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
19 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
7 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
22 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
59.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
63.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
33.1x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
33.1x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
3.0%
computed by olivLawTTM to 30 Jun 2026
P/B
0.5x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
2.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
4.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
21.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
4.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
1.7%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
3.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 58 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

60.90 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 59.4 m USD

Key indicators

Market capitalisation
59.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
33.1x
computed by olivLawTTM to 30 Jun 2026
P/B
0.5x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
2.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
1.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
0.1%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
3.9%
computed by olivLawFY 2025
Dividend yield
1.7%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 04 Aug 2026
Source: SEC (XBRL)published 05 Aug 2026
verified 2659derived 226

Score by group

  • Balance sheet50
  • Valuation73
  • Quality52
  • Growth50
  • Returns66

Estimated value range

Low
91.67
USD per share
Mid
120.96
USD per share
High
153.00
USD per share
Price: 60.90 USD
The price is below the range
Potential to the central value: 98.6% (value / price − 1)
Margin of safety: 49.7% (1 − price / value)
Agreement between methods: low · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.14 – 323.37 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)146.70 – 232.64 (Mid 179.64)
    WACC 8.9% · starting FCFF 9.1 m USD · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -29.3%
  • Peers: EV/EBITDA207.03 – 323.37 (Mid 269.35)
    5 companies used · median multiple 11.5x · quartiles 8.9x – 13.8x
    CHEF, DPZ, SYY, UNFI, USFD
  • Peers: P/E36.63 – 73.35 (Mid 62.28)
    7 companies used · median multiple 33.8x · quartiles 19.9x – 39.8x
    CHEF, DPZ, PFGC, RAVE, SYY, UNFI, USFD
  • Dividend discount (DDM)13.14 – 17.67 (Mid 15.07)
Multiple comparisons use the SIC vertical: Wholesale — nondurable goods (SIC 514x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 58/100

FactorValueScoreWeight used
ROIC · Quality7.0%40 (vs peers)10%
Net margin · Quality0.1%22 (vs peers)6%
FCF conversion · Quality151.7%100 (on a fixed band)6%
Revenue CAGR 3Y · Growth11.9%99 (on a fixed band)8%
EPS CAGR 3Y · Growth-68.2%0 (on a fixed band)8%
Net debt / EBITDA · Balance sheet0.2x60 (vs peers)10%
Interest coverage · Balance sheet1.3x0 (on a fixed band)6%
Current ratio · Balance sheet2.7x100 (on a fixed band)4%
P/E (TTM) · Valuation33.1x57 (vs peers)10%
EV/EBITDA · Valuation2.7x100 (vs peers)10%
FCF yield · Valuation4.6%57 (on a fixed band)8%
Shareholder yield (distributions) · Returns3.0%43 (on a fixed band)6%
Payout ratio (FCF) · Returns24.0%100 (on a fixed band)4%

Score groups

  • Balance sheet50/100 · 3/3 factors with a value
  • Growth50/100 · 2/2 factors with a value
  • Quality52/100 · 3/3 factors with a value
  • Returns66/100 · 2/2 factors with a value
  • Valuation73/100 · 3/3 factors with a value

Memo

AMCON DISTRIBUTING CO (DIT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 3.9%; net margin 0.1%; ROE 1.6%; net debt/EBITDA 0.2x.

The estimated value range is 91.67–153.00 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 120.96 USD, the price of 60.90 USD leaves a potential of 98.6% (value / price − 1) and a margin of safety of 49.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 151.7%
  • Revenue CAGR 3Y: 11.9%
  • Current ratio: 2.7x
  • EV/EBITDA: 2.7x
  • Payout ratio (FCF): 24.0%
  • The price is below the estimated value range

What contradicts it

  • Net margin: 0.1%
  • EPS CAGR 3Y: -68.2%
  • Interest coverage: 1.3x
  • The valuation methods diverge

Versus the vertical median

Wholesale — nondurable goods (SIC 514x) · same industry group (3-digit SIC) · compared with 9 companies

Multiples and returns vs the median

P/E
33.1x
vertical median 33.8x
at median
EV/EBITDA
2.7x
vertical median 11.5x
below median (−76.2%)
P/S
0.0x
vertical median 0.6x
below median (−96.7%)
P/B
0.5x
vertical median 4.5x
below median (−88.5%)
ROE
1.6%
vertical median 12.2%
below median (−87.1%)
Net margin
0.1%
vertical median 1.8%
below median (−96.7%)
EBIT margin
0.4%
vertical median 3.1%
below median (−86.0%)
Revenue YoY
3.9%
vertical median 5.0%
below median (−21.4%)
Net debt/EBITDA
0.2x
vertical median 1.0x
below median (−82.3%)
Dividend yield
1.7%
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SYYSysco Corporation37.9 bn20.559.1%2.1%+3.9%+1% / +7%
USFDUs Foods Holding Corp.23.8 bn33.816.4%1.8%+4.1%+40% / +151%
PFGCPerformance Food Group Company17.3 bn43.78.2%0.6%+7.2%+13% / +68%
DPZDomino’s Pizza, Inc.11.2 bn19.3—11.9%+5.0%−19% / −13%
CHEFChefs’ Warehouse, Inc.4.6 bn46.516.2%2.3%+9.4%+74% / +297%
UNFIUnited Natural Foods, Inc.2.9 bn36.05.3%0.3%−2.0%+29% / +232%
HFFGHf Foods Group Inc.80.3 m—-15.5%-2.8%+2.2%−41% / −69%
DITAmcon Distributing Co59.4 m33.11.6%0.1%+3.9%−23% / −53%
RAVERave Restaurant Group, Inc.31.1 m11.018.3%22.3%+7.2%−31% / −4%
MWYNMarwynn Holdings, Inc.27.7 m—-54.7%-24.7%+427.5%+59% / unavailable

1- and 3-year price returns: for DIT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
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Estimated price (USD)

Estimated priceBearBaseBull
1 years
38.67
Total return -34% · Per year -34%
68.14
Total return 15% · Per year 15%
102.33
Total return 72% · Per year 72%
3 years
43.31
Total return -21% · Per year -7%
85.31
Total return 51% · Per year 15%
139.82
Total return 144% · Per year 35%
5 years
48.51
Total return -6% · Per year -1%
106.80
Total return 97% · Per year 15%
191.03
Total return 242% · Per year 28%
What moves the 3-year price the most
  • Exit P/E± 21.33
  • Net margin± 14.93
  • Annual revenue growth± 11.44
  • Annual dilution± 1.25

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

AMCON Distributing is a wholesale distributor of consumer products to convenience stores in 34 states, with a smaller health food retail division. The company reported improved quarterly earnings recently, but margins stay thin and revenue depends heavily on cigarette sales 123.

SWOT

Strengths

  • The company has broad geographic coverage and is considered one of the largest distributors in its region, giving it scale advantages 12.
  • A wide product range and marketing and merchandising services for customers are strengths against smaller competitors 1.
  • The retail division earns a much higher gross margin than the wholesale segment, diversifying profitability 1.

Weaknesses

  • Dependence on cigarette sales makes revenue sensitive to regulation and falling consumption 1.
  • Gross and operating margins are thin, and net profit was very small in recent periods 12.
  • Bank debt and financing costs remain significant for a company with relatively modest equity 13.

Opportunities

  • Expansion into new regions and acquisitions of smaller distributors could strengthen market position 12.
  • Investment in foodservice and technology could create differentiation from competitors over the long term 2.
  • Real estate optimization, such as selling facilities, could free capital for investment 2.

Threats

  • FDA rules and rising excise taxes could limit sales of cigarettes and tobacco products 12.
  • Competition from online platforms and large chains could reduce margins and market share 1.
  • Inflation, fuel costs and high interest rates could weigh on customers and their ability to pay 2.

Risks

  • Cigarette dependencehigh

    A large share of sales comes from cigarettes, a declining category, and falling demand could weigh on results 1.

  • FDA regulationhigh

    Possible bans or restrictions on tobacco and vaping products could sharply reduce distributor revenue 12.

  • Thin marginsmedium

    Gross margin is only a few percent, so cost increases that cannot be passed on could quickly reduce profit 12.

  • Debt and interest ratesmedium

    Credit facilities carry variable SOFR-based costs, and higher rates or refinancing on weaker terms could affect cash flow 12.

  • Customer consolidationlow

    Consolidation in the convenience industry could lead to loss of large customers if an acquirer uses another distributor 1.

Investment thesis

What would need to be true (bull case)

  • If geographic expansion and foodservice investment translate into higher volumes, profitability could improve meaningfully 23.
  • Being the third largest convenience distributor could attract manufacturers and chains that seek broad coverage 2.
  • Selling facilities and careful liquidity management could support cash generation in harder periods 23.

What would break the thesis

  • If cigarette demand declines faster, revenue and margins could fall more quickly than new categories compensate 1.
  • Very thin margins leave little room for inflationary pressure, and net profit could stay low 12.
  • If FDA rules expand, the company could be forced to scale back its distribution operations significantly 12.

What to watch

  • Gross margin and operating profit trend in the wholesale segmentQ4 2026
  • FDA decisions on menthol cigarettes and vaping products2027
  • Refinancing terms of the credit facilities2027
  • Integration results of new distribution centers in the annual reportnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

AMCON Distributing Company, incorporated in Delaware, serves customers in 34 states through two segments: wholesale distribution and natural health food retail. The wholesale segment, including Team Sledd and Henry's Foods, distributes over 20000 products and serves about 8500 retail outlets, ranking as the third largest convenience store distributor by territory 1. The retail division operates 15 health food stores in the Midwest and Florida 13.

In fiscal 2025, total sales were 2816.7 million dollars, up from the prior year, and gross profit percentage stayed at 6.7% 1. In the third quarter of fiscal 2026, the company reported diluted earnings per share of 2.85 dollars, while quarterly wholesale revenue was 824.7 million dollars 3. The company also sells its own private label water, candy and batteries but has no long-term supplier contracts 1.

The company finances operations through credit facilities with combined capacity of 305.0 million dollars, with an average interest rate of 5.73% in September 2025 1. During fiscal 2025 growth was supported by the Arrowrock acquisition and a new distribution center in Colorado City 1.

Segments

Foodservice and technology

The company is investing in its foodservice platform and proprietary technology solutions to differentiate itself from competitors, according to recent disclosures 12.

Market context

The US wholesale distribution market for convenience stores is fragmented, with a few large distributors and many regional or private operators 1. Demand is seasonal and rises in warm months when store traffic is higher 1.

The market is shaped by excise tax increases on cigarettes and tobacco that states impose more often, and by FDA rules that could limit the sale of certain products 12. Cigarette demand is declining, which could reduce revenue if the trend continues 1.

Trends

  • Declining cigarette demandheadwind

    Cigarette demand is falling due to higher prices, taxes and advertising restrictions, and this category makes up much of revenue 1. If the trend continues, revenue and liquidity could be affected 1.

  • Rising operating costsheadwind

    Cumulative inflation over several years has increased product, labor, equipment and insurance costs 12. The company cannot always pass these costs on to customers 1.

  • Geographic expansion and acquisitionstailwind

    The Arrowrock acquisition and new distribution centers have widened territorial coverage, which could attract new customers among major manufacturers 12.

  • Higher fuel and consumer pressuremixed

    Higher fuel prices could reduce discretionary spending in stores, though the company is focused on strengthening its competitive position 2.

Competitive position

Competition in wholesale distribution is intense, with national and regional distributors operating in the same regions 1. Larger competitors compete mainly on price and product range, while smaller ones focus on customer service 1.

In retail, the company competes with specialty natural food chains, conventional supermarkets and online platforms that have expanded organic offerings 1. Amazon is named as a competitor in both segments 1.

  • McLane Co., Inc.

    National wholesale distributor named as a principal competitor in the wholesale segment 1.

  • Performance Food Group

    National distributor competing in the wholesale segment in the same regions 1.

  • Whole Foods Market

    Natural food chain competing in retail, part of a larger group pursuing a multi-channel strategy 1.

  • AmazonAMZN

    Online platform competing in both wholesale and retail through a multi-channel strategy 12.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / AMCON Distributing Company · 07 Nov 2025
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AMCON Distributing Company · 05 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / AMCON Distributing Company · 05 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.